Watercraft insurance is a cover for boats and other private watercraft. If you are a watercraft owner, consider this cover, which includes wreckage removal, towing, and fuel leakage. Watercraft insurance cover aims at returning you to your previous financial situation when danger occurs. You have the assurance that you have protection against various hazards; thus, you will sail in peace.
Water Craft Insurance covers are available for covering the sailboats, houseboats, and watercraft up to a limits size. The insurance cover considers the type and the value of the craft to determine the premium. The nature of watercraft accounts for various types of risks. A sailboat and pontoon boat are the common types of watercraft. Their difference is the reason insurance companies have to have extensive, accurate information about the craft to estimate the risks involved and hence calculate the premium.
Watercraft Insurance limit
The insurance cover is limited. It doesn’t cover any injuries from the operation of the watercraft o the boat. The insurance policy is also limited to a given area of service. Read all the terms and conditions of the watercraft Insurance policy to understand the coverage limits.
There are various reasons why you should apply for Watercraft Insurance. It is an essential requirement to be on the safe side while sailing. The top five reasons are;
It’s necessary to cover your debt with the watercraft insurance. The liability insurance will cover various medical expenses and damages caused by your boat costs in an accident. If, during an accident, you damage the dock or any other property, this insurance cover will ensure that you can pay for all the damages.
2. Litigation Reasons
Watercraft accidents, at times, lead to the need for you to represent yourself in the personal court of law. If you hurt someone or damaged with your watercraft or someone on board, you are prone to charges in a law court. The insurance coverage pays the attorney and covers some of the costs as per the court order.
The watercraft insurance policy is responsible for the debris. The collision policy might not cover the vessels left behind or sunk during the accident. Salvage obligations include covers the costs for cleaning all leaked oils to avoid water contamination.
4. Collision damage
Accidents in water are not common, but when they happen, they are fatal and can lead to you losing your boat. Ensure to have a collision insurance cover for your watercraft. This cover is responsible for the costs of all repairs or replacement of any vessel damaged during the accident. Collision damage can lead to you replacing your boat.
5. Crime and Natural Disaster
Protect your watercraft against any damages caused by storms, fires, vandalism, or theft. Your craft is a symbol of a significant investment. Just like other investment operations, protect it from any hazard. The insurance ensures you don’t lose your investment.
After understanding the importance of watercraft insurance, ensure you chose the right insurance company that meets all your needs and interests.